How to Draw Metals Trading Fib Extension on Upward Metals Trading Trend
Drawing Metals Trading Fib Extension Levels Technical Indicator on an Upward Metal Trend
We use Metals Fibo Extension Zones to estimate where the metals trend movement will reach. There are 2 oftenly used Metals Fibo Extension levels: 61.8% Metals Fibo Extension Level & 100% Metals Fib Extension Level, these Metals Fibonacci Extension Levels are used for setting take profit levels.
On the Metals Fibonacci Extension indicator example illustrated and explained below you can see that the Metals Fibonacci Extension technical indicator is drawn along the direction of the metals trend, since the metals trend is up - the Metals Fibo Extension technical indicator is drawn upwards.
These Metals Fibo Extension zones are shown as horizontal lines above the Metals Fibo Extension technical indicator, showing profit-taking areas. In the metal trading examples illustrated and described below if you had used the 100.00% Metals Fibonacci Extension level you would have made a nice profit from using this setup.
How to Draw Metals Trading Fib Extension on Upward Metals Trading Trend
From the above Metals Fibonacci Extension indicator tool example, the upward metals trend continued and both 61.8% & 100.00% Metals Fibo Extension zones were all hit after which the metals price retraced again after getting to the 100.0% Metals Trading Fibo Extension level.
From the Metals Fibonacci Extension tool example above, after drawing this Metals Fibonacci Extension tool there are 2 levels that are used to explain the profit taking areas, these 2 Metals Fibonacci Extension levels are drawn represented as horizontal lines across the metals chart marked as 61.8% Metal Fibo Extension Level & 100% Metals Fib Extension Level.
Explanation of How to Draw Metal Fibonacci Extension Levels Indicator on Metal Charts
We use Metals Fibo Extension Zones to estimate where the metals trend movement will reach. There are Two important Metals Fibo Extension levels: 61.8% & 100% Metals Fibonacci Extension Areas, these are used for taking profit.
To draw Metals Fibonacci Extension levels on the metals chart we wait until the metals price retracement is complete and the metals price starts to move in original direction of the Metals trend. Where the metals price retracement reaches is used as chart point 3. Metals Fibonacci Extension Trading Indicator is drawn using Three chart points as shown on the metal trading example illustrated & explained below of how to draw the Metals Fibonacci Extension Technical Indicator.
The Metals Fibonacci Extension example illustrated and explained below shows the 3 Chart Points where the Metals Fibonacci Extension indicator is plotted, marked as Chart point 1, Chart point 2 & Chart point 3.
Chart point 1 is where the metals trend started, Chart point 2 is where the metals trend pulled back and retraced & Chart point 3 is where the metals retracement reached as displayed on the Metals Fibonacci Extension Technical Indicator Tool examples illustrated & described below.
How to Draw Metals Fibonacci Extension Metals Indicator on Upwards Metals Trading Trend
Please note where these Metals Fib Extension levels are drawn - Metals Fib Extension zones are plotted above the Fibonacci indicator, these are the chart points where a trader will place the take-profit orders using these Metals Fibo Extension Levels - 61.8% and 100.0% Metals Fibo Extension Levels.
